On June 18, 2024, the Bank of Nova Scotia completed the issuance of 4.95% debentures totaling $1 billion, maturing on August 1, 2034. The debentures, classified as Non-Viability Contingent Capital (NVCC), accrue interest semi-annually at 4.95% until August 1, 2029, and thereafter bear a floating rate based on the Daily Compounded CORRA plus 1.55%, payable quarterly. These debentures may be redeemed at par starting August 1, 2029, or earlier under regulatory or tax-related circumstances. In the event of a trigger, the debentures will convert automatically into Bank of Nova Scotia common shares.

The issuance was managed by a syndicate of agents comprising Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., and Wells Fargo Securities Canada, Ltd. These agents received a total fee of $3.5 million. Osler, Hoskin & Harcourt LLP served as legal counsel for the Bank, while Torys LLP represented the agents.